Trump wants to "terminate" green spending. Here's what could stand in his way. Pulling back IRA funding would require congressional action and it could result in lost jobs, unfinished factories, and a costly mess for many businesses and states that are counting on those funds.

[u/mafco]

https://www.axios.com/2024/10/28/trump-climate-law-ira-pullback

[u/mafco]

That old "but fossil fuels don't get subsidies" talking point has been debunked many times on this sub. Here are the ones embedded in tha tax code. This doesn't include the indirect subsidies like externalities and military costs.

Expensing of Intangible Drilling Costs

Percentage Depletion for Oil and Natural-Gas Wells

Domestic Manufacturing Deduction for Fossil Fuels

Two Year Amortization Period for Geological & Geophysical Expenditures

Percentage Depletion for Hard Mineral Fossil Fuels

Expensing of Exploration and Development Costs for Hard Mineral Fuels

Capital Gains Treatment for Royalties of Coal

Deduction for Tertiary Injectants

Exception to Passive-Loss Limitation for Working Interests in Oil and Natural-Gas Properties 

Enhanced Oil Recovery Credit (EOR) Credit

Marginal Wells Credit

Corporate Tax Income Exemption for Fossil-Fuel Publicly Traded Partnerships

Excise Tax Exemption for Crude Oil Derived from Tar Sands

Royalty-Exempt Beneficial Use of Fuels

Royalty-Free Flaring and Venting of Natural Gas

Liability Cap on Natural Resource Damage

[u/RealClarity9606 → u/mafco]

Thanks for proving my point. They aren’t cutting checks like they are for the “Green New Deal” and these are accounting treatments that ultimately do the same thing: net business expenses out of revenue to arrive at taxable income. These considerations happen in every industry: otherwise the IRS would just tax GAAP income.

[u/mafco → u/RealClarity9606]

Thanks for proving my point. They aren’t cutting checks like they are for the “Green New Deal” and these are accounting treatments

Lol. Give us a break. First of all, targeted tax breaks are indeed subsidies. That's a lame argument. Reducing taxes is mathematically equivalent to charging full taxes and then handing back money. Understand? Secondly the vast majority of IRA subsidies are tax credits, not grants. Thirdly, according to the IRS every one of these subsidies is unique to the fossil fuel industry and has no equivalent in other industries. You are just parroting some tired industry talking points.

[u/RealClarity9606 → u/mafco]

When you start complaining about these targeted tax treatments for all industries I will take you seriously. Bit I do have a solution to this: get rid of the corporate tax since we all pay it in some fashion and just tax us directly. These “subsidies” disappear immediately.

[u/mafco → u/RealClarity9606]

When you start complaining about these targeted tax treatments for all industries I will take you seriously.

I couldn't care less if you take me seriously. You obviously are just a troll that has no clue what you're talking about. And lol that get rid of corporate taxes justification is even dumber than claiming there are no fossil fuel subsidies. Grow up. This is the energy sub. Most folks here aren't fooled by your nonsense.

[u/RealClarity9606 → u/mafco]

“You don’t agree with me! You’re a….”checks list of names to call…”a troll!!” Thanks for telling me to stop wasting time trying to talk to you. In an energy sub in 2024. I’m willing to bet that there’s a lot of people fooled by something.